Definition of 'Form 1099-MISC'
Form 1099-MISC is an informational tax document issued by a payer to a payee that reports various types of non-employee compensation. The form is used to report payments made to independent contractors, freelancers, and other self-employed individuals. The information on Form 1099-MISC is used by the payee to report their income and taxes on their annual tax return.
**Who Must File Form 1099-MISC?**
Any person or business that makes payments of $600 or more to an independent contractor or other non-employee must file Form 1099-MISC. This includes payments for services, rent, royalties, prizes, and other types of income.
**What Information Is Reported on Form 1099-MISC?**
Form 1099-MISC includes the following information:
* The payer's name, address, and EIN
* The payee's name, address, and TIN (Social Security number or EIN)
* The amount of payments made during the year
* The type of income being reported
* Any other information required by the IRS
**How Do I File Form 1099-MISC?**
Form 1099-MISC must be filed with the IRS by January 31 of the year following the year in which the payments were made. The form can be filed electronically or on paper.
**What If I Don't Receive a Form 1099-MISC?**
If you are an independent contractor or other non-employee and you do not receive a Form 1099-MISC from a payer, you should contact the payer and request a copy of the form. You can also file Form 1099-MISC yourself if the payer does not provide you with a copy.
**Form 1099-MISC is an important tax document that reports various types of non-employee compensation. If you are a payer or payee of this type of income, it is important to understand your filing requirements and to file Form 1099-MISC correctly.**
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